NAME: Cholamandalam Investment and Finance’s $480 million QIP
LAW FIRM: AZB & Partners, Cyril Amarchand Mangaldas, Hogan Lovells
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Banking and financial services

Cholamandalam Investment and Finance’s $480 million qualified institutional placement (QIP) is our deal of the month for October.

Cyril Amarchand Mangaldas, AZB & Partners and Hogan Lovells have advised Cholamandalam Investment and Finance, the financial services arm of the Murugappa group, on its qualified institutional placement (QIP). This marks the first QIP of equity shares and compulsorily convertible debentures by an Indian company, as well as India’s largest private sector QIP transaction this year.

Cholamandalam Investment and Finance is one of India’s leading non-banking financial companies, offering services such as vehicle finance, home loans, loan against property, SME loans and more. With the proceeds from the offering, the company hopes to further grow its business and augment its capital adequacy requirements.

Cyril Amarchand Mangaldas represented Cholamandam Investment and Finance with a team led by Yash Ashar and Vijay Parthasarathi, with support from Tanvi Kini, Veena Raghav, Vedansh Batwara and Arunimaa Jaiswal.

The team from AZB & Partners represented the bookrunners and was led by senior partners Varoon Chandra, Aarthi Sivanandh and Agnik Bhattacharyya.

The Hogan Lovells team led by Biswajit Chatterjee, Henry Kahn and Nancy O’Neil advised on regulatory aspects and US tax matters.